European governments moved toward a confrontation over a second rescue package for Greece, just as a dimming fiscal outlook in Portugal opened a new front in the debt crisis.
Bargaining with Greece over a debt writedown and its economic management came as European Union leaders signed off on key planks of the strategy to end the financial crisis. They agreed to accelerate the setup of a full-time 500 billion-euro ($659 billion) rescue fund and endorsed a German-inspired deficit-control treaty. Stocks and the euro rose.
Euro leaders left a Brussels summit late yesterday with no accord over how to plug Greece's widening budget hole and German Chancellor Angela Merkel voicing frustration with the Athens government's failure to carry out an economic makeover.
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